The iShares Bitcoin Trust (IBIT) from BlackRock (BLK) now holds more than $1 billion worth of bitcoin, reaching the milestone just five days after the exchange-traded fund (ETF) began trading on Jan. 11.

IBIT's was a quick sprint to $1 billion, but not the fastest. SPDR Gold Trust (GLD) pulled in $1 billion in just three days back in 2004, according to Bloomberg Senior ETF Analyst Eric Balchunas.

What's Happening With Spot Bitcoin ETFs?

Although spot bitcoin ETFs were first l♚isted on U.S. exchanges just last week, there are already some clear winners and losers emerging in the race for dominance in this niche market.

Despite significant outflows, Grayscale Bitcoin Trust (GBTC) still accounts for nearly 90% of the market, according to data shared by Bloomberg Analyst James Seyffart. That dominance is largelyꦬ thanks to its previous existence as a trust before its con♊version to an ETF.

BlackRock's IBIT and the Fidelity Wise Origin Bitcoin Fund (FBTC) have been the most prominent alternatives for investors exiting GBTC following 澳洲幸运5官方开奖结果体彩网:their approval last week by the U.S💜. Securities an🌊d Exchange Commission (SEC).

BlackRock head of US iShares product, Rachel Aguirre told Bloomberg TV that the ETF is seeing flows from many different directions, including from retail investors and self-directed investors.

Who Is Buying Spot Bitcoin ETFs?

According to Vanda Research, retail investor appetite for spot bitcoin ETFs remains "modest." That could also be a function of access to these products. Some brokerages, 澳洲幸运5官方开奖结果体彩网:such as Vanguard, are not offering the spot bitcoin ETFs to their clients while others are offeri🍷ng only a few among those available.

The spot bitcoin ETF market as a whole is expected to grow in the coming years, with some analysts predicting it to 澳洲幸运5官方开奖结果体彩网:grow to $100 billion. In terms of new money coming into the bitcoin (BTCUSD) space, Morgan Creek Capital CEO Mark Yusko has said these new products c🧸ould open the door for as much as $300 billion to enter the bit🌜coin market.